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of <h1>Company Law Board Dissolved; Employees Transition to Central Government Roles Without Compensation Under Companies (Second Amendment) Act, 2002</h1> On the commencement of the Companies (Second Amendment) Act, 2002, the Company Law Board is dissolved. The Chairman, Vice-Chairman, members, officers, and employees must vacate their positions without any compensation claims for premature termination. Officers on deputation revert to their original departments, while regular employees become Central Government employees, retaining their benefits. The transfer of services does not entitle employees to compensation under the Industrial Disputes Act or any other law. Funds established by the Board for employee benefits transfer to the Central Government. Pending cases are transferred to the National Company Law Tribunal for resolution.
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